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in his article fine news.firstRalph Ebert talks about how to win the battle to recruit compliance talent for banking and fintech companies.
Finews.first is a forum for authors to comment on economic and financial topics.
Since 2018, financial technology has emerged and the financial landscape has undergone profound changes. These innovative companies are using technology to revolutionize traditional financial services, disrupting the status quo and challenging the dominance of traditional banks.
Innovation in finance is not about doing the same thing faster or cheaper. It’s about doing something completely new. 75% of the banking industry has embarked on some kind of digital journey, mainly focusing on the following four areas:
- Focus on customer experience
- Cybersecurity and data protection
- Artificial intelligence and automation increase efficiency
- Blockchain explores improving security.
The rise of fintech
The 2008 financial crisis triggered a tsunami of banking supervision that overwhelmed banks’ internal IT departments. Fintech took advantage of the vacuum of sufficient internal resources and began to explore this field through strategic cooperation models with banks.
Fintech has begun to provide diversified “ABCD” services: artificial intelligence, blockchain, cloud computing and big data. However, this dramatic shift has triggered fierce competition between fintech companies and banks.
A new talent predator is born
In 2020, with the arrival of financial technology as a new “predator”, the battle for compliance talents in the banking industry has begun. The compliance department of the banking industry was not prepared for such a sudden pressure on resources because it was “lost in the transformation”: starting from 2000, the traditional position of compliance officer was a lawyer or accountant, which no longer satisfied the new requirements due to digitization. skill requirements. Transformations, such as data analysts, data modeling, or statistical capabilities.
Additionally, compliance training and certificate programs fail to provide rapid relief to provide this additional expertise. Nearly 90% of banks are still struggling to recruit new employees or retain existing employees.
One of the last bastions of banking
Additionally, fintech companies are daring to tap into one of banks’ last strongholds: attractive salary packages. The average salary of a financial technology analyst in the United States is US$135,000, which is competitive with bank salary levels. As a result, this competition has resulted in a global shortage of skilled compliance professionals. Here are seven strategies for winning the war for talent.
As a British consultant and author puts it, the following seven strategies will give banks the chance to win the “infinite game” of talent Simon Sinek I would say, against fintech and FAANG (Facebook, Amazon, Apple, Netflix, Google)
1. Make compliance more attractive
The bank is perceived by talent as an outdated, old-school organization. It’s a profound misconception that compliance roles lack opportunities for innovation and growth compared to other tech companies. The first step is to provide more insights into today’s compliance function to increase traction.
2. Personal growth
A recent study by Finextra confirmed that 90% of career starters believe personal development is vital to their job. This demand opens the door to exploring partnerships and internship opportunities with universities and agencies to teach you the skills specifically needed for your specific role in compliance.
3. Flexible working model
The Global World Economic Forum’s Future of Jobs 2023 Report found that 83% of workers prioritize flexible working hours and 71% prioritize flexible work locations.
During COVID-19, compliance departments have undergone a dramatic shift in thinking and adopted flexible and hybrid working models to improve work-life balance, increase productivity and promote talent retention.
4. Attractive salary packages
Overall, banks still offer very attractive salary packages for young talent, including financial subsidies for personal study in specific subjects, life skills or leadership qualities.
5. Job diversity
Many professionals seem to view compliance work as a training ground or career platform rather than a destination—and that’s not necessarily harmful. The role of a compliance officer allows them to participate in all activities of the bank and will create interesting job opportunities.
6. Meaningful work
A 2021 McKinsey survey confirmed that 70% of respondents expressed the importance of purpose and meaningful work. The compliance function has a clear goal: to ensure organizational stability, customer safety, and compliance with the rule of law.
7. Focus on soft skills
A 2022 survey showed that about half (52%) of “Gen Z” said they were less confident in their soft skills, and banks could address these issues through dedicated coaching programs.
Effective implementation of fintech tools as part of digital transformation depends on skilled people. In particular, a hybrid talent pool with regulatory knowledge and data scientist capabilities will drive compliance transformation to the next level and provide the impetus to win the war for talent with fintech companies.
ralph albert is a German lawyer whose career has been characterized by senior compliance roles at global and private banking institutions including BNP Paribas, Credit Suisse, UBP, Credit Agricole Suez in India and Banco International de Luxembourg (BIL). With nearly two decades of compliance experience, his areas of expertise extend from anti-money laundering (AML) to the forefront of digital transformation in compliance, regtech, artificial intelligence solutions and blockchain innovation. His YouTube channel “Compliance Coach” serves as an interactive hub, providing a unique perspective on compliance matters.
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